WEX Inc's stock price plummeted by 19.56% during intraday trading on Thursday. The sharp decline came after Bank of America downgraded the company to Neutral from Buy.
According to the reports, BofA lowered its rating on WEX Inc, citing concerns about the company's growth prospects and valuation. The downgrade likely contributed significantly to the stock's sell-off on Thursday.
While the exact reasoning behind BofA's downgrade was not disclosed in the available news, such rating downgrades from major Wall Street firms often weigh heavily on a company's stock price, as they reflect a more cautious outlook from influential market analysts.
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